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Friday, 23 October 2015

Turmeric prices gained due to arrival of good quality turmeric at the spot market and expectations of higher demand from upcountry exporters ahead of festival season.

However upside seen limited amid higher production due to good rains in second part of September in southern peninsula region.

Good rains in second part of September in southern peninsula region may enhance the turmeric production and quality.

Turmeric sowing In AP, is recorded at 15,753 hectares increase over last years’ acreage as well normal sowing area progress however in Telangana, the sowing area is lower than the normal sowing area at 40,823 hac compared to 43,470 hac last year.

At Duggirala market estimated market supply was at 290 quintals, up by 189 quintals from previous day’s arrivals.

Trading Ideas: Turmeric trading range for the day is 8076-8404. Turmeric prices gained due to arrival of good quality turmeric at the spot market and expectations of higher demand. However upside seen limited amid higher production due to good rains in second part of September in southern peninsula region. NCDEX accredited warehouses turmeric stocks dropped by 745 tonnes to 9374 tonnes.In Nizamabad, a major spot market in AP, the price ended at 8185 rupees remains unchanged at0 rupees.

Oil prices extended gains into a second day in Asian trade on Friday, finding support from brighter economic data and a global stock market rally after the European Central Bank signaled its willingness to launch more stimulus measures.

Brent for December delivery rose 36 cents to USD 48.44 a barrel at 10.52 p.m. ET after settling up 23 cents in the previous session.

US crude for December delivery climbed 22 cents to USD 45.60 a barrel, having risen 18 cents previously.

The gains followed a slew of upbeat economic data, while ECB president Mario Draghi said new Eurozone pump priming initiatives could be unveiled as soon as December.

"It's all about the numbers," said Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance.

"The market is taking the view that governments will not allow economies to falter.

These expectations suggest more active economic development will force consumption to go up," he said.

Average new home prices in China rose in September for a fifth straight month, according to Reuters calculations from official data published on Friday.

Wednesday, 21 October 2015

Gold settled up 0.39% at 27112 rallied on Tuesday amid a slightly weaker dollar, one session after tumbling nearly 1% following indications from China that could expand this year at its lowest rate in more than a decade. Metal traders continued to digest weak economic data from China on Monday when the NBS reported that Chinese GDP grew by 6.9% in the third quarter, marking the slowest three-month period of growth since the height of the Financial Crisis.

Trading Ideas: Gold trading range for the day is 26795-27349. Gold rose as the dollar slipped after solid European lending data boosted the euro ahead of a central bank meeting. Quarterly lending data from the European Central Bank showed euro zone banks loosened their lending standards more than expected over the last few months. The data added credibility to remarks from ECB’s Christian Noyer that no adjustment was needed in the bank's quantitative easing programme.

Oil prices fell on Wednesday after data from an industry group showed a larger-than-expected build in US crude inventories last week, fanning worries over global oversupply, even as a slightly weaker dollar provided some support.

Brent crude for December delivery had fallen 9 cents to USD 48.62 a barrel by 0313 GMT after settling up 10 cents in the previous session.

US crude for December delivery dropped 24 cents at USD 46.05 a barrel after settling up one cent at USD 46.29.

The November contract, which expired on Tuesday, finished down 34 cents at USD 45.55 per barrel. "Concerns over the potential for a further build (in US crude stocks) in official data (were driving prices lower)", said Michael McCarthy, chief market strategist at Sydney's CMC Markets.

"The low volumes and market moves are reflecting that," he said. Industry data showed US commercial crude stocks climbed by a larger-than-expected 7.1 million barrels to 473 million barrels in the week to Oct. 16, the American Petroleum Institute said on Tuesday.

Analysts had expected a 3.9 million barrels increase. The US Energy Information Administration is due to release official inventory data later on Wednesday, which is expected to show a build in crude stocks for a fourth straight week.

It was a surprise crude stocks had continued to climb even as the number of rigs had fallen, from about 800 six months ago to 600 now, McCarthy said.

Tuesday, 20 October 2015

Crude oil fell about 4 percent on Monday after a tumble in gasoline futures added pressure to a market slumping on slower growth in China and signs that Iranian oil will return to the market soon following implementation of its nuclear deal.

"The products markets seem to be taking a hit over concerns the refinery maintenance season has peaked, and there could only be inventory builds from here," said Pete Donovan, a broker at New York's Liquidity Energy.

US crude inventories rose by 3.7 million barrels last week, which would be the fourth consecutive weekly increase, according to average expectations of analysts polled by Reuters.

The poll showed draws for gasoline and distillate stockpiles as it predicted a half percentage point drop in refinery utilization from the previous week's 86 percent. Analysts said they expect refinery runs to pick up soon as autumn maintenance works end. The front-month in Brent LCOc1, the global crude benchmark, settled down USD 1.85, or 3.7 percent, at USD 48.61 a barrel. US crude's front-month CLc1 settled down USD 1.37, or 3 percent, at USD 45.89, in lighter volume trades ahead of Tuesday's expiry for November CLX5 as the spot contract.

Monday, 19 October 2015

Chana settled down -0.47% at 5304 due to profit booking after gaining as there is good demand in the spot market as supplies are now limited. However, government has imposed restrictions on holding of pulses stocks beyond a ceiling and taken action against hoarders and black marketers to stabilize the pulses price, capped some gains in chana prices. With pulses prices skyrocketing, state owned MMTC has invited global bids for import of 1,000 tonnes of chickpeas (gram) from Australia. The government is also planning to give pulses to states at subsidized rates. Currently, farmers are waiting for the announcement of MSP for the Rabi crops as sowing season is nearing.Trading Ideas:Chana trading range for the day is 5219-5427.Chana prices dropped due to profit booking after gaining as there is good demand in the spot market as supplies are now limited.However, government has imposed restrictions on holding of pulses stocks beyond a ceiling and taken action against hoarders and black marketers.NCDEX accredited warehouses chana stocks dropped by 170 tonnes to 19084 tonnes.In Delhi spot market, chana gained by 37.55 rupee to end at 5376.5 rupee per 100 kgs.

Silver settled down -0.34% at 37387 as a stronger dollar prompted some investors to lock in gains. Investors have flocked to prices this month as deteriorating U.S. economic data fanned hopes that the Federal Reserve would delay raising interest rates till 2016. In recent days, data showing low inflation, weak retail sales and contracting manufacturing activity helped prices march higher. The dollar remained relatively steady, following the release of mixed data in the U.S. The University of Michigan's Consumer Survey Center reported strong results from its semi-monthly index, confirming robust weekly figures on consumer sentiment earlier in the month.Trading Ideas:Silver trading range for the day is 36952-37752.Silver prices ended with losses as a stronger dollar prompted some investors to lock in gains.Investors have flocked to prices this month as deteriorating U.S. economic data fanned hopes that the Fed would delay raising interest rates till 2016.The University of Michigan's Consumer Survey Center reported strong results from its semi-monthly index, confirming robust weekly figures on consumer sentiment.

Oil prices slipped on Monday, wiping out some of the previous session's gains, as investors waited for China's third quarter gross domestic product figures.

Brent for December delivery LCOc1 was down 8 cents at USD 50.38 a barrel as of 0142 GMT after settling up 73 cents on Friday.

US crude for November delivery CLc1 was down 5 cents at USD 47.21 after finishing the previous session 7 cents up. "Data from China should underpin a move to crude," said Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance.

China's GDP figures, due later on Monday, are expected to show growth in the world's second largest economy slowed to below 7 percent for the first time since the global financial crisis.

"If the figure is bearish then it means more stimulus," Barratt said. A bullish figure meant the world's number two economy was growing, which would also buoy oil demand, he added.

"Any number should be supportive of oil prices and a reason for prices to hold up," Barratt said.